Redfin Home Prices
Is the boom doomed?
About This Data
This data was downloaded here from RedFin. It has weekly data on housing sales by region and includes region ID, region name, region type, period begin and end, duration, total homes sold, median sale price, homes sold year over year, and so much more. With all of this information, we can get a better understanding of what happens in the housing market. Where homes are being sold, what areas have homes selling for the highest and lowest prices. With this, we can determine where the cheapest place to live is. We can also start looking at possible investments, or look for places where a decrease in price may occur.
Things to try in the data set:
Roll data up into groups of values within a column to look for trends. Place groups inside of groups to drill down another level, then group again!
Use the filters to narrow down the file to the values that interest you most. Only show values that include, exclude, contain, or are greater than a value (to name a few). Then add another level of filtering with AND / OR logic to dive deeper.
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Region Type and Homes Sold
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Explore This Data
By grouping based on region type, we can see how region type (county vs metro) affects the number of homes sold and the average sale price. As an example, we can see that the average sale price for "county" is $230,411, and the average sale price for metro is $239,812.
Here are the cheapest places to buy homes (on average):
Edwards County, IL
Montgomery County, MS
Lee County, AR
Washington County, MS
Greenville, MS metro area
The top 5 Redfin regions by total homes sold are:
Atlanta, FA metro area
Chicago, IL metro area
Phoenix, AZ metro area
Houston, TX metro area
Maricopa County, AZ
As data trickles in for April, it's becoming clear that the historically hot housing market has flipped trajectories. It's now in cooling mode. The number of homes listed for sale is rising again. Fewer shoppers are scheduling tours. And Redfin reports 15% of home sellers in April cut their asking price—up from 9% a year ago.
The red-hot housing market's days are numbered. While I don't anticipate a collapse á la the Great Recession, rising mortgage rates and inventory are sure to cool what has been an unprecedented time for the U.S. housing market," says Ralph McLaughlin, chief economist at Kukun, a real estate data and analytics company.
This softening is by design. The Federal Reserve is done watching inflation run away, and has made it a priority to cool down one of its biggest drivers: the housing market. To do so, over the past few months, the Fed has put upward pressure on mortgage rates. In December, the average 30-year fixed mortgage rate sat at 3.11%. As of last week, that rate is up to 5.27%—its highest level since 2009”(source).
With rising economic uncertainty, we thought it would be relevant to provide you all with some information on the housing market. We highly recommend you check the data for your local region!